P7 Update

The major issue for the coming exam

- new format being adopted for P7 Case materials

- if you want to practice in UK, you must do the UK variant paper (which now has an additional element of insolvency)

- examiner clarified that you cannot expect to get more than 1-2 marks from the ISA/IAS name dropping, principles are more important

- current issues - will be current issues, which means that you will now have to read up the new materials that have been popping up in the Business Times or any other relevant news

The new syllabus has dropped some elements of Internal audit but has retained most of the other elements.

If you have failed this paper from the previous attempt - examiner said that there was quite a number that was in the 44 - 49 range (it means that you have to put in a bit more effort only) but any lower means that you have a serious problem with the examination or did not prepare sufficiently.

As one examiner said - "It seems people were walking out of the road and taking the paper" meaning that there was Zero preparation.

The biggest problem the examiner noted was that most of the answers were repeating materials from the previous papers - memorized answers.

This is quite an easy option for the students that have studied all the past papers, but then again it is very dangerous for you to try to recall past answers to help you answer new papers.

Overall - No major changes in the paper